Cyber Security Market Will Reach $165.2 Billion by 2023 and Is Growing at a CAGR of 10.7% During 2018 - 2023

The cyber security market is growing at a CAGR 10.7% during 2018-2023 and will reach a size of $165.2 billion by 2023. The cyber security market has been gaining traction due to its increased adoption in multiple industries, such as aerospace and defense, government, banking, financial services and insurance (BFSI), healthcare, retail, IT & telecom, and manufacturing. Cyber security solutions have been garnering higher revenues as compared to services; however, a higher growth is being witnessed in the services category. They enable enterprises to identify threats and protect organizations’ data from lethal cyber-attacks. It speeds up the process of noticing attacks and enables organizations to adopt predictive measures in combating cyber-crimes, which has been driving its market.

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Based on security type, application was globally the largest security type. Large enterprises accounted for larger share of the cyber security market compared to SMEs. The demand for cyber security has been growing by more than 5% in all the industries, however, the highest growth in demand has been observed from BFSI, where the rate of cyber-attacks is very high. Cyber security solutions accounted for over 60% of the cyber security market, however, owing to a higher growth rate, the market share for services is expected to rise during the forecast period.

Increasing number of smart phone users, growing bring your own device (BYOD) trend, and enterprise mobility requirements are some of the factors bolstering the growth of the cyber security industry. The growing need to combat malicious attacks in large, small, and mid-sized organizations through advanced solutions, is anticipated to drive the growth of the cyber security market in future.

Geographically, the cyber security market is expected to witness the fastest growth in Asia-Pacific, during the forecast period. High value targets in a less secure environment, have made this region a potential target for cyber-criminals. China accounted for the largest share of 31.4% of the APAC cyber security market in 2016. This is mainly attributed to the increased wired and wireless internet usage, rapid computerization, growth of e-commerce, and the rise in the adoption of cloud computing in the country.

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Some of the major players in the cyber security industry are BAE Systems, RSA Security LLC, IBM Corporation, Symantec Corporation, Palo Alto Networks, Inc., Fortinet, Inc., FireEye, Inc., Check Point Software Technologies Ltd, Cisco Systems Inc., and Juniper Networks, Inc. Key competitors are specifically focusing on Asia-Pacific and Europe, owing to the visible signs of market growth in these regions.

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